Oklahoma Land Value Update

Roger Sahs, Extension Specialist, Ag Econ.

OK Land Values by Region, 2011

PanhandleTracts 26Size 522$/Acre $662% Chg +15.8

West-NorthwestTracts 142Size 275$/Acre $1226% Chg +25.5

North CentralTracts 124Size 140$/Acre $1403% Chg +14.3

NortheastTracts 241Size 191$/Acre $1578% Chg +2.8

East-NortheastTracts 55Size 123$/Acre $1816% Chg +4.2

South CentralTracts 88Size 167$/Acre $1588% Chg +11.9

SoutheastTracts 184Size 212 $/Acre $1468% Chg +5.3

State AveragesTracts 1052Size 207$/Acre $1383% Chg +7.3

SouthwestTracts 192Size 215$/Acre $1040% Chg +5.1

District2011 One Year

Change3 Year Change 5 Year Change

$/ac Percent Change

Panhandle 662 15.8 28.2 114.1

West-NW 1226 25.5 21.6 63.8

Southwest 1040 5.1 11.3 55.4

North Central 1403 14.3 13.5 25.3

South Central 1588 11.9 -2.7 17.9

Northeast 1578 2.8 6.6 24.2

East-NE 1816 4.2 -2.1 4.6

Southeast 1468 5.3 2.7 26.5

Cropland 1390 17.4 20.2 53.1

Pasture 1449 4.0 3.5 18.3

State 1383 7.3 8.2 26.1

Recent Trends in Oklahoma Land Values

Source: www.agecon.okstate.edu/oklandvalues

Oklahoma Cropland vs Pastureland Prices

Source: www.agecon.okstate.edu/oklandvalues

Survey of Tenth District Ag Credit Conditions

Source: KC Federal Reserve Bank, First Quarter, 2012

1973-1975 Average ValueTracts >= 40 Acres and <= $3000/Acre

Source: www.agecon.okstate.edu/oklandvalues

2009-2011 Average ValueTracts >= 40 Acres and <= $3000/Acre

Source: www.agecon.okstate.edu/oklandvalues

County 1973-75 Average($)

2009-11 Average($)

% Change

Love 356 1,957 450Marshall 339 1,819 437Johnston 308 1,612 423Okfuskee 214 1,105 416Pittsburg 272 1,380 407LeFlore 274 1,389 407Coal 273 1,372 402Pushmataha 292 1,459 400Adair 340 1,685 396Delaware 382 1,878 392

OK Counties with Largest Percentage Increase in Land

Values

Source: www.agecon.okstate.edu/oklandvalues

County 1973-75 Average($)

2009-11 Average($)

% Change

Alfalfa 800 1,193 49Grant 590 1,004 70Kingfisher 646 1,122 74Texas 334 633 89Garfield 628 1,193 90Cimarron 210 402 92Kay 601 1,193 99Major 469 1,030 120Noble 472 1,077 128Cotton 384 887 131

Source: www.agecon.okstate.edu/oklandvalues

OK Counties with Smallest Percentage Increase in Land

Values

Land prices going ahead…• Changes in the

environment– Farm Bill– Domestic economy– Global economy– Elections/policy– Interest rates

• Recreational uses– Wildlife habitat, wildlife population

• Development uses– Population growth– Per capita income

• Agriculture– Input prices– Cattle, wheat/feedgrain prices– Yields– Efficiency, productivity– Continued drought

Source: KC Federal Reserve Bank, Second Quarter, 2012

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Resources

• Agecon.okstate.edu/oklandvalues• Kansas City Federal Reserve Bank

– http://www.kc.frb.org/– Choose RESEARCH & DATA, then Economic Review or

Agricultural Credit Survey• USDA Ag Land Value Data and Reports

– http://www.nass.usda.gov/Charts_and_Maps/Land_Values_and_Cash_Rents/index.asp